At December 31, 2017, Grand Company reported the following as plant assets. Land Buildings Less: Accumulated depreciation-buildings 12,890,000 14,420,000 Equipment Less: Accumulated depreciation-equipment ,530,000 42,940,000 4,180,000 $27,310,000 47,470,000 Total plant assets $61,540,000 During 2018, the following selected cash transactions occurred April 1 Purchased land for $2,060,000. May 1 Sold equipment that cost $1,050,000 when purchased on January 1, 2014. The equipment was sold for $630,000. une 1 Sold land purchased on June 1, 2008 for $1,520,000. The land cost $400,000. July 1 Purchased equipment for $2,540,000. Dec. 31 Retired equipment that cost $494,000 when purchased on December 31, 2008. No salvage value was received